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7 Things to Think About

Here are some questions to ask yourself and think through before you retire:

1.

What do I need to know about the CPP/QPP?

If you’ve ever worked in Canada, chances are you’ll be eligible to apply for benefits under the Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) and Old Age Security (OAS). Before you retire, get to know how these plans work and when to apply for benefits.

See How Do I Know When to Take My CPP/QPP?

2.

When should I start taking money from my RRSP/RRIF?

Figuring out when to make the switch from a Registered Retirement Savings Plan (RRSP) to a Registered Retirement Income Fund (RRIF) (or other income option) and start withdrawing money is important because your timing can impact your cash flow, government benefits and taxes in retirement.

See Strategies for Maximizing RRIF Income

3.

How can I reduce my taxes?

The right tax strategies can make a huge difference in how much money you get to keep in retirement. For example, saving in registered plans (like the RRSP) and sharing income with your spouse are two common ones. There are many tax strategies—and plenty of rules as well—so be sure to talk to a financial planner and a tax advisor first.

4.

Should I sell my home when I retire?

This is a big decision and often an emotional one. There are several lifestyle considerations and costs to weigh when deciding to move or downsize. Check out our downsizing case study and things to think about before selling.

5.

What should I do with my investments?

To save enough for retirement, most people need to invest in a mix of investments, including equities. However, once you start getting close to retirement, it’s smart to look at how much risk you have in your investment portfolio.

A financial planner can review your investments, as well as your needs and goals, to help you decide whether to make changes.

6.

Should I update my Will and Power of Attorney?

Having a current Will, Power of Attorney and overall estate plan is incredibly important if you want to protect everything you’ve worked for and leave a lasting legacy for the people you love. For more information.

See Why Should I Care About Estate Planning?

7.

How do I want to spend my time in retirement?

Many people retire and are surprised to discover that they don’t know how to fill their days. It’s no wonder—the average Canadian spends 2,000 hours a year at work. Take some time to think about how you might want to spend your days when you’re no longer working.

See How Will I Fill My Time in Retirement?

What to Check Out Next

How to Create a Steady Income in Retirement

The Million Dollar Retirement Myth

Retirement Readiness Case Study: James and Mary

Let’s Start the Conversation

RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.
The content of this publication is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal, accounting or other advice for you, and should not be relied upon in that regard. All charts, illustrations, examples, case studies and other demonstrative content are general and have been provided in this publication for illustrative purposes only. The case studies included do not represent actual events or real individuals. While efforts are made to ensure the accuracy and completeness of the information at the time of publication, errors and omissions may occur. Readers should consult their own professional advisors when planning to implement a strategy. This will ensure that individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax and legal rules and other investment factors are subject to change.